Partnered with NSE and IBJA to set up bullion spot exchange

The National Stock Exchange of India Ltd. (NSE) has partnered with India Bullion and Jewelers Association Ltd. (IBJA) joined forces to launch a domestic bullion spot exchange under SEBI guidelines.

It is the first time a domestic bullion spot exchange will be established under the aegis of SEBI.

Aside from providing a platform for industry players to conduct bullion spot market trades, the joint initiative would also provide investors and consumers with an opportunity to participate directly in the exchange.

The proposed business framework would serve B2B segments of the industry and also play a role in integrating value chain participants into the overall precious metals ecosystem.

Shareholders include NSE, IBJA and industry participants (including refiners, bullion traders, jewellers, banks and overseas suppliers).

IBJA and NSE said they are in advanced discussions with industry participants to finalize the shareholder structure.

“This exchange is intended to bring both efficiency and transparency to the pricing of precious metals while providing investors with confidence in the quality of the metal being delivered through the exchange platform,” said Vikram Limaye, MD & CEO, NSE.

“We are also excited to be working with IBJA on this initiative and are confident that with their expertise and large membership base we will be able to support the overall development of the bullion spot market and see significant participation from market participants,” he said.

Prithviraj Kothari, National President, IBJA said, “This exchange was designed with the needs of the industry in mind and aims to integrate transactions from precious metals dealers, jewellers, retailers and consumers on a single platform.”

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